David Tamowski (55) was found yesterday morning by Te Anau helicopter pilot Mark Deaker in Hidden Falls Creek, a tributary of the Hollyford valley.
He was reported missing on Tuesday after failing to make a planned flight to meet family back in Auckland, and had not been seen for nine days.
Acting Senior Sergeant Steve Watt, of Queenstown, said Mr Deaker had been flying over the area with two hunters.
"They were flying over, saw him waving out and basically dotted down close by and took him back to Te Anau."
Despite snow and freezing temperatures in the area earlier this week, Mr Tamowski had been carrying a tent and was ``fit and well''.
"He's extremely lucky.''
He had been walking an abbreviated version of the Five Passes tramp, north of the popular Routeburn Track, when he became disorientated and veered off his planned route, Acting Sen Sgt Watt said.
