The Australian Prospectors and Miners Hall of Fame will suspend operations from next month.
It says it will use this time to carry out a full review of its current financial position and business plan.
The closure is due to the Hall’s ongoing financial shortfall, the most recent of which saw an operating loss of $1 million last year.
It has had to make a number of staff redundant.
Earlier this year, the Hall of Fame was given a financial lifeline of more than half a million dollars, which allowed it to stay open until the end of the year.
Despite the donation, Hall of Fame CEO Andrew Govey said it was still around $400 000 short.
However, Govey announced a new future for it, which focused on mining education and careers.
"At the end of the day, we need to convince the mining sector that we are an important part of their industry," he said.
The Hall’s board have hired international museum consultant Neil Anderson to review its business strategy.
One of the strategies floated is potentially aligning itself closer with the WA Museum.
However according to the Hall’s chairman Peter Jones, "a more sustainable business model needs to be established so that the Hall can stand on its own feet".
Jones added that there are no plans to seek public funding as part of the Hall’s revised business strategy.