A report to the ASX this morning revealed James had spent over $325,000 doubling his stake in the firm in recent days.

He previously had almost 7.9 million fully paid ordinary shares and had acquired 8.1 million shares in a splurge on Tuesday that pushed the stock up almost 25% from below 3c to tip 4c. Volumes in Icon are generally thin and often do not exceed 100,000 shares sold per day.

James is currently in the Unite States and could not be reached for comment.