Montrose confirmed their League Two status for next season with a precious first point of the season from Elgin City at Borough Briggs on Saturday.
The result kept the side four points off a play-off place and with four matches and 12 points still up for grabs, it’s still all to play for.
It was the home side who opened the scoring in the 10th minute - the first time Montrose had conceded a goal in three matches.
A corner from Moore was improperly cleared and when the ball was hooked back across goal Brian Cameron was on hand to stab the ball home from close range.
Just short of the half hour mark Kieran McWalter shot low into the arms of Waters in a rare Montrose attack.
Allan Fleming kept Montrose in the match seconds later when a cross from MacPhee found its way to Nicolson on the edge of the box but he somehow kept the effort out with his legs.
Fleming was at it again with 10 minutes of the half remaining with another great effort to this time stop Reilly from six yards out.
Montrose were immediately on the attack after the restart and in the 55th minute they opened up the home defence, David Brownlie slicing a clearance over his own crossbar trying to clear.
The Montrose pressure paid off when they deservedly equalised on the hour mark.
Gary Fraser did all the work on the left hand side of the box and his cross was headed home perfectly by Chris Templeman for his eighth goal of the season.
Fleming kept Montrose in the game two minutes later with a great tip over from a Bolochoweckyj sliced clearance which was heading for the top corner.
Templeman then went close again for Montrose but his shot went straight into the arms of Waters.
Elgin City had a rare opportunity in the 73rd minute when substitute Craig Gunn caught a free kick from Moore at the back post but blazed over the crossbar.
Paul Watson got on the end of a Thomas corner kick but could only head wide of goal.
Montrose almost grabbed what would have been a deserved winning goal seconds later.
Watson played a great ball down the right to Smith ,he outpaced his opponent before squaring a perfect ball to Kerr Hay who met the ball on the volley.
It looked a goal all the way until Waters somehow managed to deflect it wide with an outstretched foot.