Having gone winless across their opening seven LaLiga games (D3, L4) for only the second time in their history, Malaga looked determined to make a fast start against Espanyol.
David Larrubia's close-range strike required a smart early save from Angel Fortuno, but that proved to be a false dawn for Los Albicelestes, as the visitors soon took the lead in the 13th minute.
Javier Hernandez picked out Bryan Zaragoza on the left wing, and the Spaniard cut inside a couple of defenders before sweeping a clinical finish into the bottom corner.
Manolo Gonzalez's men should've doubled their advantage before the half-hour mark, as Roberto Fernandez saw a golden opportunity denied by Alfonso Herrero, while Hernandez’s rebound was expertly blocked by Carlos Puga.
Keen to make the most of that reprieve, Malaga pushed for an equaliser before half-time, but a speculative effort from Rafa Rodriguez was the best opening they could conjure, as Espanyol went into the break ahead.
The hosts remained on the front foot at the start of the second period, and they came within inches of drawing level when Pablo Martinez's free-kick cannoned off the crossbar.
That sparked Gonzalez’s side back into life, with Herrero standing firm once again to deny Fernandez a seventh LaLiga goal of the season.
Having only found the net three times across their opening seven league outings, Malaga continued to toil in the final third, as Fernando Calero and Martinez fired a pair of efforts over in quick succession.
Undeterred, the hosts refused to give up hope, and their persistence finally paid dividends in the final minute of stoppage time, when substitute Adrian Nino struck a sublime volley from Rafita's cross to snatch a dramatic point at the death.
That denied Espanyol just their third away win in 15 LaLiga matches (D4, L9), while Malaga remain deep in relegation trouble despite avoiding a sixth straight head-to-head defeat.
Flashscore Man of the Match: Carlos Puga (Malaga)