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In the pic below it is visible as the thin gold bit under the lower PCM bolt. The bottom arrow in the top pic points to it. It serves as a ground, but also to push the PCM against the firewall to maintain seal.
I found mine rolling around in the footwell a couple months after I installed the F5 chip. D'oh! I put it back in but evidently it is not critical. If the PCM does not ground I suppose you might see a hard/no start, maybe a P1316 code, etc.
I may be wrong but I thought it was a PCM case ground to prevent electrostatic buildup (circuit boards don't like that too much). Much like wearing a grounding strap on your wrist when working on electronic components.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.