Louren Louw, 36, was released on bail of R20,000, NPA spokesman Velekhaya Mgobhozi said.
Zimbabweans Elvis Tsunda and Webster Vambe, both 36, were granted bail of R50,000 each. The matter was postponed to June 9 for further investigations.
The three were arrested on Friday after the Hawks received information of an illegal gold transaction to be concluded at a townhouse complex in Brakpan, on the East Rand.
“A 36-year-old suspect was caught processing gold,” Hawks spokesman Hangwani Mulaudzi said at the time.
A follow-up investigation led to the arrest of two Zimbabwean men in Morningside, Johannesburg.
Unprocessed gold worth more than R4m and two luxury cars were confiscated.
“Further investigations are ongoing to determine if the three suspects were part of a bigger syndicate dealing in precious metals,” Mulaudzi said.