The volva, which forms the white spots on Amanita muscaria as well as pantherina, shows up well in that photo. Think of the 'baby mushroom' as an egg-shape a bit like a straw mushroom, and the egg tearing as the cap emerges. There is a 'false' panther as well (grey spots, grooved ring), but your pic looks like the real deal. Same family as Death Cap and the two Destroying Angels.