Horse rider found after five days missing in the bush

A missing horse rider has been found alive and reunited with her family after spending five days lost in regional Victoria in near-freezing temperatures.

Narelle Davies, 52, was last seen leaving her campsite on Howqua Track, at Howqua Hills, about 3pm on Saturday.

An "accomplished" rider, Ms Davies had planned to end the trip on Monday but failed to return home after she became disorientated.

Authorities sparked a massive search for the missing mum, with SES crews, the police air wing and dozens of volunteers involved.

Her family feared the worst, with her two sons flying home from Western Australia.

The 52-year-old was found by staffers from Geelong Grammar’s Timbertop campus about 8.30am today.

“We turned around, and she was walking down with her horse. We all screamed and thought it was a ghost,” rescuer Vanessa Hewson said.

One of Ms Davies’ sons, Cam Davies, described the happy ending as “unbelievable”.

With a smile and thumbs up, Ms Davies told 9NEWS the ordeal was “a bit of an adventure”.

Her beloved horse Depp was also found safe and well, with search volunteer Angie Lloyd describing him as “pretty much perfect”.

Authorities had feared for Ms Davies’ welfare with brutally cold weather moving towards Melbourne from tonight.

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