340 with metal in oil pan

That's not a valve seat, that's a valve LOCK.

And yes, that would make sense if the piston made contact with a valve and shattered the lock. So you likely have a bent valve and a valve spring that is free of its retainer. Not good.

EDIT-

Based on that picture you'd better make it two bent valves.

It could be depending in the diameter of the debris... Hard to tell in the picture he posted...



The piston still looks useable, but like bluNblu posted I would have the valves checked for straightness, guides checked to make sure they are round and not oval, then the head can be repaired... New seats for sure....