Unfortunately, PM is incompatible with files modified by ExifTool (or other Tools which modify the Exifdata in the Raw).
I had set the LensType with Exiftool on a Sony ARW file: everything fine - every software accepts this.
But if I then use PhotoMechnic (current version 6) to change for example the rating (with key 1) on this file, PM destroys that raw-file when persisting this information!
The raw-file is no longer readable with any program!
It would be useful to know exactly what command you typed in Exiftool, and whether you did this on a file that was already modified by PM.
We recommend you do not modify RAW files but instead use an XMP sidecar for metadata (not Exif). When PM modifies a TIFF-based RAW file, we copy the TIFF table at the front of the file, insert the tags we need for metadata, then we write this to the end of the file and update the TIFF pointer at the front of the file to point to this new TIFF table.
However, we have the ability to completely undo this operation (with the Revert command) and get the file back to its original state exactly as it came off the camera in case other software fails to handle the relocated TIFF file.
It may be that you modified the file with Exiftool
after PM had modified it. It is unknown what this may do to the file.
If you tell PM to not modify your RAW files, then all the metadata goes into an XMP sidecar (as many other programs recognize). Then you should be able to modify the RAW file in Exiftool. However, this is NOT something we would recommend - to modify a proprietary file format without having a way to undo that modification. It may be that if you modify the file first in Exiftool (without PM having touched it), then update in PM, then it would be fine. But if you are using PM to ingest for example then it may be "too late".
Any files you have modified by PM that haven't been additionally modify by Exiftool, should be able to be reverted to original state. Then change preferences to not modify RAW, then proceed.
HTH
--dennis