An 88th-minute Niall Canavan header helped relegation-threatened Scunthorpe earn what could be a valuable point at home to play-off hopefuls Walsall.
The Saddlers looked to be on course for three points when Will Grigg fired home Craig Westcarr's pull-back.
But centre-back Canavan pulled the Iron level in dramatic fashion, heading home substitute Mike Grella's delivery.
In a frantic finish, home keeper Eirik Holman Johansen was at his best to deny Febian Brandy to secure the point.
The draw leaves Scunthorpe two points off League One safety, while Walsall are now a point below the play-off places.
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Scunthorpe manager Brian Laws told BBC Radio Humberside:
"The important thing for us was that we didn't stop going. It was quite evident that the players gave their all today to try and get the result and the point could be important.
"Mathematically it's still possible [survival], we're only two points behind. Had we lost today that would have been an even bigger task, so we might look at it as a positive
"Until you get to the final game you never know, but the one sure thing is we've got to capitalise on our first-half performance."