A deadly poisonous fungus.  Initially hemispherical and then broadly convex or almost flat, the 20 to 40 mm diameter cap is a shiny rust or apricot colour with margins that are yellower and often curved in against the gills. The gills are typically narrow and crowded together.  The stipe is silvery fibrillose below the ring.  The spores are strongly warted.

Sheathed Woodtuft Kuehneromyces mutabilis is very similar, but has a scaly, scurfy stipe below the ring; however the scales can rub off. .

microscopy

Photograph from top down, side-on view and underneath; ensure photos show the stipe clearly; note habitat and substrate.

Saprobic, on stumps, dead trunks and fallen branches of conifers and sometimes deciduous broadleaf trees.

Late summer and autumn.

Widespread though not particularly common in Britain.

Status in Leicestershire and Rutland not known.

https://www.first-nature.com/fungi/galerina-marginata.php