Endangered under the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act)
Hygrocybe lanecovensis is found only in Lane Cove Bushland Park, Sydney, Australia. The fungi of this genus are commonly called waxcaps, due to their waxy or slimy fruiting bodies.
This species is threatened by polluted water, litter, and invasive plant species. The disturbance of the forest understorey where H. lanecovensis grows by cultivated plants may also be a threat.
H. lanecovensis is protected under the EPBC Act. However, it is in danger of becoming extinct unless measures are introduced to reduce the impact of the factors threatening it.