A spear fisherman reported missing off the Coromandel Peninsula has been found alive and well.

A search was underway on Saturday after the man's friend reported him missing to police just after 1pm.

He was reported missing at Whiritoa, off Kon Tiki Rd, in the small beach settlement between Waihi Beach and Whangamata.

Police said the friend reported their concerns after not hearing from the spear fisherman and police called in the Coastguard.

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A police spokeswoman said an hour after the search was launched the man was found.

He had brought himself to shore with the help of a boogie boarder, she said.