Gordon Elliott was "very happy" with Don Cossack's performance at Punchestown on Sunday despite his short-priced defeat in the Moscow Flyer Novice Hurdle.
The six-year-old was expected to take high rank in the novice division this season after a hugely impressive bumper career and could not have been more impressive on his hurdling debut at Navan in November.
However, he was well beaten when falling at the last behind the exciting Pont Alexandre at Navan in December, but ran more encouragingly when pushing another Willie Mullins inmate, Mozoltov, all the way in Sunday's Grade Two test.
Elliott said: "He's fine after the race I'm very happy with him.
"He ran a good race and got beat by a good horse.
"We know he's a chaser in the making and I'm happy with where we are with him.
"We'll discuss things with the owners (Gigginstown House Stud) before we make any plans."
Don Cossack is entered for the Supreme Novices' Hurdle and the Neptune Investment Management Novices' Hurdle at the Cheltenham Festival, but can now be backed at 25-1 for both races.