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The move comes after the ABC aired allegations of gold ‘doping' on its 4Corners program last month.
The Perth Mint was accused of selling diluted gold bars to the Shanghai Gold Exchange.
The London Bullion Market Association launched a review which "did not find any instances of zero-tolerance non-conformance".
The government said the Department of Treasury would appoint a commercial advisor to consider the options available to manage the state's risks, including regulatory, financial and other risks, in relation to its ownership of Gold Corporation.
The options analysis will assess the role Gold Corporation performs for its many stakeholders, whether the WA community and state government receive value from it and the extent to which its ownership structure aligns with government goals.
The analysis will consider all options for the future of Gold Corporation, including any potential impacts on Gold Corporation's stakeholders, including the gold industry, tourism providers and the WA community.
The government has allocated A$1 million to support the independent process.
The findings and recommendations will be considered later this year after the conclusion of an external audit by federal regulator AUSTRAC.
"It is important to ensure the ownership and operation of Gold Corporation aligns with the best interests of the people of Western Australia," mines and petroleum minister Bill Johnston said.
"This options analysis will be informed by the findings of a strategic review already commenced by Gold Corporation to help guide the best way forward. The process will build on the significant work underway at Gold Corporation to consolidate its core business and strengthen its compliance with the laws and regulations that govern its operations.
"Today's announcement is about ensuring value for the benefit of the WA community and the state government, while assessing the role Gold Corporation fulfills for its many stakeholders, including Australia's world-leading gold mining sector."
