metal in oil pan

no oil filter on it. I got it from a guy to put in. He says it ran when pulled.
What can i look at or look for to see whats up.

The thing that looks like a key chain is from the timeing cover....i figured that much out. The water pump went bad and carved a hole or a grove in the timing cover.

My intake,valve covers timing cover and oil pan are off. Can i do a compression test or do i need to put these back on?