Line a rimmed baking sheet with parchment paper and set it aside.

In a large bowl, mix the Chex, Cheerios, mini pretzels, and salted peanuts.

Place the Ghirardelli melting wafers in a microwave-safe bowl and heat in 30-second intervals on a low or defrost setting, stirring after each round, until smooth and fully melted.

Pour the melted wafers over the cereal mixture. Gently fold with a spatula or spoon until everything is evenly coated.

Add the M&M’s and mix lightly.

Spread the coated mixture onto the prepared baking sheet in an even layer. If using sprinkles, add them now.

Let the mixture sit at room temperature for 20–30 minutes until set. To speed up the process, refrigerate for about 10 minutes.

Once firm, break it into smaller pieces and serve in a bowl or divide into treat bags. Enjoy!