Deposed Golden Slipper favourite Capitalist will have to pass a veterinary examination if he is to take his place in the field for the $3.5 million race.

The colt suffered his first defeat in four starts when beaten by Kiss And Make Up in the Todman Stakes at Randwick on Saturday.

Racing NSW chief vet Craig Suann reported to stewards that Capitalist was mildly lame when he trotted him up after the race, more so in his off foreleg.

Co-trainer Peter Snowden said he had never had any problems with him.

"He looked fine when I saw him after the race," Snowden said.

"I watched him walk around.

"He has never had any issues - ever.

"My assessment of him was that he lacked race fitness and he had a good blow after the race."

Nevertheless, stewards ruled Snowden must produce a veterinary certificate before the colt races again.

Capitalist has blown from $3.50 to $11 for the Golden Slipper in two weeks while Kiss And Make Up has firmed from $51 to $8.

Blue Diamond Stakes winner Extreme Choice is now the clear $3.50 top pick ahead of his Mick Price-trained stablemate Flying Artie who ran second in Melbourne's feature two-year-old race last week.