The upper cortex and extracellular hyphal wall matrix are mineralized in both rust-coloured Acarospora sinopica and the paler A. smaragdula 'f. subochracea' in the form of microgranular or microbotryoidal phases. Analysis confirmed the distinctive colours are not simply due to hydrated iron oxides, as previously believed, and suggests mixed sulphide and oxide phases with little crystallinity, as well as other elements arising from clay minerals are present. These aspects highlight the need for a more detailed study employing a range of micro-analytical techniques, including analytical TEM, which will allow mineral characterisation and localisation down to the nanometre scale.