He knows he's lucky to be alive.

An Australian tramper found after two nights lost on a mountain near Queenstown is overwhelmed with gratitude and relief.

Rescue teams found Australian Robert Galdamez near the Ben Lomond's summit at 1800 metres early this morning.

He was hypothermic, and is now stable in hospital.

The 25-year-old Melbourne man said he'd been losing hope when helicopters flew past him, and then rescuers arrived on foot.

"It was the most amazing feeling. I really thought I was going to die to be honest. As soon as I came I just started crying and said thank you. I'm very grateful."

He said his clothing was the only thing keeping him alive.

"Definitely if I didn't have that jacket, honestly I don't think I'd be here. Even with the jacket on it was very, very cold."