WoodMac said 8Moz of new projects would be needed, equating to roughly 44 projects. The firm's US$37 billion figure was based on a capital intensity of US$4,610/oz of gold per year.

"If all our probable projects were to come online before 2025, this would almost meet the requirement to maintain 2019 production levels," said Rory Townsend, head of gold research at Wood Mackenzie.

"The likelihood, however, is that we see some degree of slippage among a number of these assets due to permitting delays, prioritisation of other capital projects and changes in scope," he said.

WoodMac said heightened economic uncertainty meant the largest projects would struggle to secure financing "until there is more clarity".

"Meanwhile, smaller projects are proving an exciting proposition.

"They have the advantage of a lower initial capital outlay and can be typically brought online with speed and efficiency, particularly open pit deposits and mines that have previously been in operation.

However, WoodMac noted the drawback to smaller projects was "the fact that they will struggle to nudge the needle for a material gold producer".