Hygrocybe marginata   Orange-Gilled Wax Cap

The caps of this species can be somewhat variable and are orange to brownish or even bleached
white. The distinctive feature for identification, however, is the gills which are broad, well-separated and brilliant orange. 

Description: Caps are 2-5 cm across, moist, smooth, conic to bell-shaped, becoming convex to flat and broadly knobbed, orange, fading to pale yellow.  Gills are attached, and bright orange.  Stalks  are up to 8 cm tall by 6 mm broad, smooth, sometimes flattened, coloured as cap.  Spore prints are  white.  It fruits on the ground in woods.  Also known as Hygrophorus marginatus and Humidicutis marginatus.