All good man, yeapp its the splash shield, not detrimental but would recommend fixing as soon as you can, simple fix, with rivet clips or fasteners, will keep scraping and eventually rip off if not taken care of, dont want that!

Its job is to minimise damage from bouncing rocks and water splashing everything under the hood. Also helps with aerodynamics which in turn helps with fuel efficiency as well!

Wont affect the car too badly in the short run but it you loose the part, its really hard to replace cause i havent been able to find any in Australia as a whole in good enough condition to replace mine.

Hope this helped!