Montrose manager Stewart Petrie praised his side as they held on for three vital points against Cowden.
Montrose won a nail-biting encounter despite finishing the game with nine men and are now five points clear of bottom club Cowdenbeath.
Petrie said: “We made a lot of changes, bringing in a few young boys, but my team gave everything.
“Our keeper, Jordan Millar, saved a penalty and had another great save near the end and all my players were throwing their bodies in front of the ball.
“We didn’t play to the standards we have set but the character was there and we got over the line.”
Montrose lost on-loan Dundee United youngster Matty Smith for a second bookings in 80 minutes.
Top scorer Gary Fraser went on in 75 minutes and was booked for protesting the Smith red card, then in 89 minutes he smashed home a penalty kick and was sent off for celebrating behind the goal.
After an even first half, Montrose took the lead on 36 minutes when an Andy Steeves free-kick went in off the head of Gerry McLauchlan for an own-goal.
On 50 minutes, Craig Johnston hit the post for Cowden from a Lewis Moore cross before Dean Brett was fouled for a penalty. Kris Renton’s spot-kick was saved.
Smith saw red and Cowden drew level in 85 minutes, Brett scoring with a looping shot.
A minute from time, Fraser was tripped by McLauchlan and the referee pointed to the spot.
Fraser scored from the spot then got himself sent-off but the nine men held on with Millar making one final save from Moore.