For maximally efficient extraction, I recommend steeping for at least a half hour while MILDLY heating the tea. All the previous posts suggesting two extractions are dead on, and for large (1/2 ounce or more) batches, a third extraction can yield a psychoactive product as well. Also, it's important to slightly acidify the water out of which you are making the tea, in order to improve the efficiency of extraction by increasing the solubility of psilocybin/psilocin in the mushrooms. Many different things can be used to acidify the solution. It is common to use lemon juice, or actual tea.