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Cordyceps militaris

The stromata are bright orange at first (click here) but fade to yellowish to whitish with age or weathering.  The dark orange dots embedded in the stroma are the individualperithecia.   If you dig carefully below the stromata you can locate the pupal case of the insect that the fungus is parasitizing.

Stroma (pl" stromata): fungal matrix of mostly pseudoparenchyma in which or on which reproductive structures (sexual or asexual) are produced.