| Item 1. | Security and Issuer |
| (a) | Title of Class of Securities:
Common Shares |
| (b) | Name of Issuer:
Lion Copper & Gold Corp. |
| (c) | Address of Issuer's Principal Executive Offices:
143 S Nevada Street, Yerington,
NEVADA
, 89447. |
| Item 2. | Identity and Background |
|
| (a) | This Amendment No. 8 is being filed jointly by Tony L. Alford and his spouse, Christine Alford. Each party filing this amendment is also referred to herein as a "reporting person." |
| (b) | The address of each reporting person is 7040 Interlaken Drive, Kernersville, North Carolina 27284. |
| (c) | Tony Alford is a director of the Issuer, the founder and president of PBA Consultants Inc., a firm specializing in tax savings and cost reduction services, and a private investor. Christine Alford is a real estate development officer manager and a private investor. |
| (d) | Not applicable. |
| (e) | Not applicable. |
| (f) | Each reporting person is a citiizen of the United States. |
| Item 3. | Source and Amount of Funds or Other Consideration |
| | On November 6, 2025, Mr. Alford purchased secured convertible debentures ("Debentures") from the Issuer in the principal amount of $1,400,000. The Debentures bear interest at the rate of 12% per annum and will mature on the date that is 12 months from issuance. The principal amount of the Debentures may be converted into common shares of the Issuer at $0.0965 per share until November 6, 2026. Interest on the Debentures may also be settled in common shares of the Issuer priced at the time of repayment or conversion of the Debentures at the option of the Issuer.
In connection with the sale of the Debentures, the Issuer issued to Mr. Alford one detachable common share purchase warrant (a "Warrant") for every $0.0965 of principal amount of the Debentures purchased, in the total amount of 14,507,772 Warrants. Each Warrant entitles the holder to acquire one common share of the Issuer at an exercise price of $0.0965 until November 6, 2030. |
| Item 4. | Purpose of Transaction |
| | Mr. Alford acquired beneficial ownership of the Issuer's securities as described in Item 3 for investment purposes. The reporting persons currently intend to continue to acquire beneficial ownership of additional common shares by participating from time to time in private offerings of securities and by making open market purchases of common shares when warranted by market conditions. Any such transactions may be implemented at any time or from time to time subject to any applicable limitations imposed on the purchase and sale of the common shares by applicable law. The reporting persons intend to seek to influence the policies of the Issuer with a goal of maximizing the value of the Issuer's common shares. Mr. Alford has served as a director of the Issuer since December 13, 2021.
As of the date hereof, and except as otherwise disclosed herein, the reporting persons do not have any plans or proposals which relate to or would result in:
(a) The acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer;
(b) An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(c) A sale or transfer of a material amount of assets of the Issuer or any of its subsidiaries;
(d) Any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board;
(e) Any material change in the present capitalization or dividend policy of the Issuer;
(f) Any other material change in the Issuer's business or corporate structure;
(g) Changes in the Issuer's charter, bylaws or instruments corresponding thereto or other actions that may impede the acquisition of control of the Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association;
(i) A class of equity securities of the Issuer becoming eligible for termination of registration pursuant to section 12(g)(4) of the Act; or
(j) Any action similar to any of those enumerated above. |
| Item 5. | Interest in Securities of the Issuer |
| (a) | As of the date of this report, Tony Alford and Christine Alford together beneficially own in the aggregate a total of 262,106,182 common shares of the Issuer, which would constitute 49.27% of the class of common shares as calculated in accordance with SEC Rule 13d-3 under the Exchange Act.1 However, Tony Alford disclaims beneficial ownership of the common shares over which Christine Alford has sole voting and dispositive power, and Christine Alford disclaims beneficial ownership of the common shares over which Tony Alford has sole voting and dispositive power, and each of them disclaims membership in a group with the other within the meaning of Rule 13d-5(b)(1)(i) under the Exchange Act. |
| (b) | Mr. Alford is the sole beneficial owner of 203,151,119 common shares of the Issuer, including 84,372,335 outstanding common shares, 74,276,012 common shares underlying outstanding warrants, 29,995,000 common shares underlying outstanding options, and 14,507,772 common shares underlying oustanding convertible debentures. Mr. Alford also shares beneficial ownership with Ms. Alford of 43,477,269 common shares, which they hold in a joint investment account. Collectively, Mr. Alford beneficially owns a total of 246,628,388 common shares, which constitutes 46.36% of the class as calculated in accordance with Rule 13d-3.
Ms. Alford is the sole beneficial owner of 15,234,794 outstanding common shares of the Issuer. Ms. Alford also shares beneficial ownership with Mr. Alford of 43,477,269 common shares, which they hold in a joint investment account. Collectively, Ms. Alford beneficially owns a total of 58,712,063 common shares, which constitutes 14.21% of the class as calculated in accordance with Rule 13d-3.
All percentages herein have been calculated based on a total of 413,234,899 common shares of the Issuer outstanding on September 10, 2025. |
| (c) | During the last 60 days, the reporting persons have not engaged in any transactions in the Issuer's securities other than as described in Item 3, except that on October 14, 17 and 22, 2025, Mr. Alford purchased a total of 108,935 common shares of the Issuer in open market purchases at a weighted average price of $0.0975 using his personal funds. |
| (d) | Not applicable. |
| (e) | Not applicable. |
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer |
| | The information provided in Items 3, 4 and 5 is incorporated by reference in its entirety in this Item 6. |
| Item 7. | Material to be Filed as Exhibits. |
| | The parties have entered into a Joint Filing Agreement dated September 28, 2023, a copy of which was filed as Exhibit "A" to Amendment No. 1 to this Schedule 13D, which was filed with the U.S. Securities and Exchange Commission on September 29, 2023. |
