I truly think there's some bug in this ritual. I've done it before, successfully, but only after several attempts. I have it again and have failed on the first attempt, again. I've just given up on the ritual because I can't see any value for the time invested.
I also don't bother with the Lost Animal quest anymore. I wasted too many days searching dense woods for footprints that, in the end, found nothing.
However, to the OP, I can attest that the first ritual on the list, the Sacrifice, is what needs to be done to complete this. It won't use up the entire silver item, just takes a tiny bite out of it.