One part of our driveway is gravel for 450 feet and even though I go slow, I have worried about rocks chipping the paint on the underside of the bike.
I had some of this roofing rubber that a friend gave me and decided to make a mud flap for the front fender. This stuff is really tuff and is reinforced with criss-crossed fiberglass running through it. The thickness is about 1/8 inch, and I glued two sheets together so that the black shows on both sides. It's held on to the fender with four stainless steel 8-32 screws with nylon lock nuts.
It's not causing any issues, and I'm not so worried about rocks, chipped paint, and rust.