Walsall's second half fight-back saved their unbeaten run and kept them in the top three. The Saddlers were totally outplayed in the opening half and were lucky to be only two goals behind at the break. Manager Richard Money switched things around and went for all-out attack.
The gamble paid off with Lincoln losing control in midfield. Walsall went on to score twice in the final ten minutes to earn a draw.
Lincoln went in front after only 13 minutes when a short pass from Lee Frecklington set up Scott Kerr and the midfielder fired into the bottom corner from 30-yards.
It was the first goal conceded this season by the Saddlers and they cracked again ten minutes later. A superb ball from Mark Stallard sent Jamie Forrester down the left and his cross was superbly headed in by Frecklington. Lincoln then wasted chances with Stallard twice the culprit.
Kerr also went close on the half hour when he ran at the Walsall defence before finishing with a powerful drive which flew inches wide. Walsall's first real threat came in the 42nd minute when a cross from Mark Wright found Hector Sam. The striker beat Lincoln 'keeper Alan Marriott but his effort was blocked on the line by Adie Moses.
Walsall pulled off two midfielders at the break, giving a debut to new signing Carlos Fangueiro. The Portuguese winger quickly posed problems for the home defence and was close with a long-range effort on the hour.
Sam then headed over from a good position before Walsall finally got a goal back in the 80th minute. Kris Taylor beat Lee Beevers inside the box before firing in a low shot which went under the body of Marriott.
That set up a frantic finish with Lincoln desperate to defend and hang on to their lead. They had a let-off in the 82nd minute when Craig Pead decided to shoot instead of passing to the unmarked Ishmel Demontagnac. Pead's shot went well wide and the chance was lost.
Two minutes later Demontagnac, who caused Lincoln plenty of problems after coming on as a sub, created another good chance for Martin Butler but the striker failed to hit the target. Lincoln's luck held out until the second minute of stoppage time when they failed to clear a cross from Chris Westwood.
The ball fell to Fangueiro whose shot was only half saved by Marriott and the ball rolled into the net sparking celebrations for the travelling fans.