The specimen is a dendritic trolite-irons meteorite and out of the five other known meteorites of this type in the world, this is believed to be the largest.
The meteorite was found at Weston Creek Station, 20km from Georgetown by a gold prospector, who has generously agreed to sell the meteorite so it can remain and on display in Australia.
This significant find will also provide opportunities for scientists and researchers to study the specimen, contributing to our scientific understanding of asteroids and meteorites.
The funding will be provided through the National Cultural Heritage Account which provides support to institutions like museums to acquire significant objects and ensure they are kept in Australia and on display for the public.
Earlier this year the Account assisted the South Australia Museum to purchase a rare Fire of Australia opal.