I could link you to many sites explaining this extraction but it is this simple:
You will need: ethanol (or methanol), dry mushrooms, glass jar with lid (that seals well), coffee filters, pyrex tray (or shallow pan), electric fan, scales and something to measure liquids
1) Weigh out the amount of mushrooms that you wish to extract
2) Powder 'cracker' dry mushrooms (that means no moisture whatsoever), I use a coffee grinder but have used blenders in the past.
3) Add powdered mushrooms to your jar
4) For every gram of mushrooms, add 3-5ml of ethanol (or methanol), screw on lid and shake vigorously.
5) Let the mixture sit for a few hours and then shake again (I commonly leave mine over night but I can't really see the point as psilocybin is so soluble)
6) Filtering. I first filter the sludge through a shirt (first soak shirt in ethanol so as not to soak up the psilocybin/ethanol you wish to enjoy).
7) I then soak a coffee filter in ethanol and repeat the filtering process with this filter to remove all particulates.
8 ) Once filtering is complete, you simply pour the filtrate into a shallow tray for evaporating with the fan blowing over it to speed up the process (this must be done in a well ventilated area away from ignition sources!!! I CAN'T STRESS THIS ENOUGH!)
9) It will usually take 12+ hours to evaporate off the ethanol and you will then be left with a layer of blue/black sludge which I scrape up with a razor blade.
This sludge varies in potency. Most reports state about 40% psilocybin as a maximum. It is also very unstable and will quickly degrade unless stored in alcohol that is above 50% or 100 proof in the old scale.
I will not state what doses of this that I usually take. Psilocybin is best dosed around the 20mg mark so start low and work your way up (remember your extract is max 40% pure)
I am yet to hear a complaint about the extract. It is a much cleaner and clearer trip than dosing mushrooms. This has to be experienced to be believed
I have dosed psilocybin extract 50% alcohol vodka and also 70% alcohol absynth that is over 3 years old, with no noticeable drop in potency. I quite enjoy having a shot of my favorite strong spirit to dose mushrooms
