Here is the solution :
Have the drive mounted and visible.
Open System Settings > Spotlight > Search Privacy... (you'll need this in a moment keep it visible).
Open Activity Monitor, find mds_stores (use the search function in Activity Monitor), click on mds_stores.
Click on the X button at the top of the Activity Monitor window, select Force Quit (this is safe to do).
Now quickly drag the external drive into the Spotlight > Search Privacy... area. The drive should now appear in the list (of excluded devices). Click done. Close System Settings. If the drive wasn't allowed to be dragged in, try again, mds_stores may be still quitting. Try again, it will work.
If your external drive doesn't now eject, do a force eject (or shut down your Mac). The next time you mount the drive it will be excluded from Spotlight and will eject.
Happy days.