Kemi Badenoch left the race to become the next prime minister on Tuesday after the fourth round of voting.
Ms Badenoch, the former equality minister, staged an impressive and insurgent campaign that saw her act much stronger than expected.
Ms Badenoch came out of the race with 59 votes, while Rishi Sunak led the fourth ballot with 118, adding three to her total on Monday.
Penny Mordaunt came in second, adding 10 followers to reach 92, while Foreign Minister Liz Truss had more reason for optimism with 86 votes, an increase of 15 in one day.
A Badenoch spokesman said: “This is a great success and demonstrates support for his honest policy and his vision for change for the country and the Conservative Party.”
The result sets in a real battle between Mrs Mordaunt and Mrs Truss for the coveted second place, as MPs decide the last two candidates on Wednesday afternoon.
Mrs Mordaunt seemed to point to Mr Sunak, who says he does not want to confront her in the last two, in a brilliant campaign video stressing that the next prime minister must “understand the life he lives”.
The results will be announced by Sir Graham Brady, the chairman of the 1922 Committee, at 4pm with almost 60 votes now all to play.