** 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;))
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