The league leaders made a 64th minute breakthrough when Rory McAllister’s header set up Jack Leitch for a precious opener.
With only seconds of stoppage time remaining, Peterhead’s title aspirations were dealt a blow when Smart Osadolor, pictured, volleyed home a deserved leveller for the Coatbridge visitors.
Clyde rose to second spot courtesy of a dramatic 2-1 comeback victory at Edinburgh City who slip to third.
Blair Henderson fired City ahead from the penalty spot in the 47th minute but Ally Love pounced to level for Clyde in the 80th minute. Six minutes later the Bully Wee completed a stunning turnaround as Kristoffer Syversten netted to keep alive their title ambitions.
Fourth-placed Annan Athletic confirmed their play-off berth by rescuing a 2-2 draw with Stirling Albion at Galabank.
Darren Smith’s double looked to have secured an excellent away win for the Binos, only for late goals from Christian Nade and Ayrton Sonkur to salvage a valuable point for Annan.
Bottom side Berwick Rangers edged a step closer to the unenvied relegation play-off as they suffered a dispiriting 3-0 loss at the hands of in-form Queen’s Park for whom Kieran Moore, Scott McLean (penalty) and Ciaran Summers were all on target.
There was little at stake in the mid-table clash at Central Park where headers from David Cox and Jordyn Sheerin earned Cowdenbeath a 2-1 comeback triumph against Elgin City for whom Chris McLeish had opened the scoring.