Veteran jockey Robert Thompson proudly pointed at Youthful Jack and proclaimed him "the million dollar horse from Taree" after the gelding scored his second straight Thomas Lyons Stakes win in Hobart on Sunday.

The victory for the seven-year-old gelding in the Listed 1400m race took his career earnings past the $1 million mark with his 17th win from his 56th start.

"He's the million dollar horse from Taree," Thompson said.

"I have ridden for Ross Stitt for 30 years now and he only paid $5000 for him. He's now passed $1 million.

"It's a great thrill."

Youthful Jack has been trained by Stitt at Taree in NSW for most of his career but Stitt, who also part-owns the gelding, has sent him down to Tasmania the past couple of summers to be prepared by Adam Trinder.

Youthful Jack has been in Tasmania with Trinder for a month and was unplaced at Launceston on January 23 heading into Hobart Cup day.

Stitt was on track to celebrate the milestone.

"For a $5000 outlay it's pretty special," Stitt said.

"I've gone close with two others but this is the first horse I've had to win $1 million."

Stitt came close with Group One winner Heavenly Glow who won almost $800,000 while Precise Timing was even closer with more than $900,000.

Youthful Jack beat Cellarmaster by three-quarters of a length with My Temptation a half length away third.

Stitt says there's more to come from Youthful Jack.

"I knew he would go better over the 1400 metres today," Stitt said.

"And he'll win the next one too, the George Adams Stakes over 1600 metres at Launceston."