Goalkeeper Jesus Owono was Equatorial Guinea's hero as his decisive shoot-out save made Mali pay for missed chances.
Two late penalties awarded after intervention by VAR saw debutants Gambia hold Mali to a 1-1 draw at the Africa Cup of Nations as the teams stayed joint top of Group F.
Mali's victory over Tunisia will stand at the Africa Cup of Nations despite the referee causing chaos by twice blowing the final whistle too early.
The Africa Cup of Nations match between Tunisia and Mali was plunged into chaos on Wednesday after the full-time whistle was blown twice before the 90th minute.
The threat of the resurgent coronavirus will hang heavily over the Africa Cup of Nations when it opens on Sunday in Cameroon, but who are the favourites?
Wilfried Zaha's late goal put Ivory Coast into the quarter-finals of the African Cup of Nations after beating Mali 1-0 on Monday.