So I went to clean and seal the lower rear mud guard where it attaches to the rear swing arm and stop the water getting in. I noticed that the upper part was loose and moving freely. It appears that the top metal part was just attached with two pop rivets and mine have broken off. Not much clearance behind for anything else other then a rivet. Not sure how I'm going to install the one behind the exhaust manifold. Pics not very good, but gives you an idea. The black dot is where a rivet should be. Sorry bout the rotation.
I would drop the exhaust out of the way and go back in with #6 or #4 screws, washers and nuts. There isn't too much holding the exhaust in there. I'm sure you noticed, but the fuel tank is right behind that shield so watch out if you decide to drill. Also I'm counting 3 rivets on mine.
Three rivets on mine also, not two. Riv-nuts like this or this would be the ticket if there was room, but looks pretty tight so rivets may be best. Heed g-men's warning - that black plastic behind the rivet hole is your fuel tank, be careful.
I didn't look too hard so 3 is probably the correct number. The rivet tails were still wedge between the frame mount and tank so their stock clearance wasn't so great in the first place. Something i'd check on other bikes as well. Might try a small screw from the back side. Not a fan of cheap pop rivets anyway.