Heat your large pan over medium heat and add a tablespoon of olive oil. Once shimmering, add the sliced mushrooms and cook, stirring occasionally, until deeply golden and fragrant—about 8 minutes. They should release their earthy aroma and become tender.
Add the finely chopped shallot and minced garlic to the pan with the mushrooms. Sauté gently until the shallot becomes translucent and fragrant, about 2-3 minutes, stirring often to prevent browning.
Stir in the Arborio rice, ensuring each grain is coated with the oils and flavors. Toast the rice for about 2 minutes until the edges turn translucent and it smells nutty, which helps develop flavor and texture.
Begin adding the warm broth, about half a cup at a time, stirring constantly. Wait until most of the liquid is absorbed before adding more, maintaining a gentle simmer. Continue this process, stirring steadily, for about 20-25 minutes, until the rice is tender but still slightly al dente and the mixture is beautifully creamy.
Once the rice reaches the right consistency, stir in the butter, grated Parmesan, and lemon zest. Mix until the cheese melts and the risotto turns glossy, tasting and adjusting with salt and pepper if needed.
Remove the pan from heat and let the risotto rest for a couple of minutes to thicken slightly and allow flavors to meld. Serve immediately, garnished with a little extra Parmesan and a squeeze of lemon if desired.