Clayton Mitchell has delivered a passionate speech to gathered New Zealand First supporters.
Winston Peters has said he will meet with his party's caucus and board early next week before making any decisions.
"As things stand I believe we do have the balance of political responsibility. But we're not going to rush out and make a decision. We will not be giving an answer tonight or tomorrow."
Mr Peters put his party's disappointing count so far in part down to the media treating the election like a FPP race instead of MMP.
Tauranga candidate Clayton Mitchell echoed that sentiment, saying the news media needed to take some responsibility for the result.
Mr Mitchell said he would be heading to Wellington on Tuesday with the rest of the New Zealand First caucus to discuss the options.
He thanked his family, campaign team, and key supporters, and encouraged them to stay on, have another glass of wine and keep watching the results roll in.
We're with Clayton Mitchell at the New Zealand First election night party at Daniels in the Park.
"I think it's good. People think all politicians do is throw mud, and we don't. We have to work together to get things done."
Mitchell said the shock Maori Party result was "a gamechanger".
"I feel sorry for Te Ururoa Flavell - he's a true gentleman and a really nice guy. And Marama Fox - she's really charismatic.
"New Zealand First has never stood by any party that has race-based policies. So I am sad for the people but I am not sad to see their policies go.
"We've got to treat everyone in this country fairly and equally. A party that stands by one race over another doesn't have work in this day and age."
More than 50 people gathered at Daniels to watch the results come in with candidates from Tauranga, Coromandel, Bay of Plenty and Waikato.
The mood took a slight dip when results for Winston Peter's Northland electorate showed the party leader in second place.
Cameron Rutton does not look like your typical New Zealand First voter. The IT student is 28 with tattoos and piercings.
This year he voted for the first time, choosing New Zealand First mainly for its tertiary and immigration policies.
As a student he was worried about finding a job, paying his rent and one day buying a house and worried that New Zealand's current immigration levels will make that more difficult.
"Everyone keeps saying New Zealand First will be the kingmaker. If that happens I hope they side with Labour purely because I think Labour would be easier to keep in check than National."
He hoped this year's election had encouraged more young people to vote and get involved in politics.
Independent candidate Rusty Kane turned up to the New Zealand First party.
"I've been kicked out of Labour and National but these guys invited me."
He said he caught a glimpse of Jan Tinetti at the Labour Party gathering before he was asked to leave, and managed to shake Simon Bridges' hand at the National do before again being asked to leave.
Mr Kane was in good spirits nonetheless, though he had no idea how many votes he had received.
"I tell you what, if I beat another party's candidate I'll be thrilled. Might be ACT or the Democrats for Social Credit - it could happen!"
Joyce Robertson, 92, said she had been a New Zealand First supporter since Winston Peters left the National Party in 1993.
"I approved of the reasons he left National and I didn't think they were doing the best for the country."
11.35pm: National MPs Simon Bridges (Tauranga), Todd Muller (Bay of Plenty) and Todd McClay (Rotorua) have retained their seats, while Waiariki has changed hands from Te Ururoa Flavell (Maori) to Tamati Coffey (Labour).
In Tauranga, Bridges got 19,111 votes, followed by Jan Tinetti (Labour) on 8841 votes and Clayton Mitchell (NZ First) on 4406 votes.