** Shares of mining-tech firm IMDEX IMD.AX fall 1.7% to A$2.685

** Citi says May exploration metrics hint at varied near-term outlooks and activity levels

** Flags YTD drillholes and exploration projects remain significantly below 2021-2023 levels

** Brokerage says, a significant increase in demand for drilling fluids and instrumentation appears unlikely for IMD

** Rising capex and ongoing exploration weakness pose downside risks to FY26 earnings expectations - Citi

** Retains "Neutral" at price target of A$2.80/shr

** Stock so far this month has lost 4.2%

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk;))