Line a large rimmed baking sheet with parchment or wax paper.
Add the cereals, pretzels, and peanuts to your baking sheet, and mix together.
Heat the white chocolate chips slowly, until melted. I like to microwave for 30 seconds at a time stirring in between intervals. TIP: add a small amount of crisco or coconut oil for smoother melting.
Pour the melted chocolate over top of your cereal mixture.
Use a spatula to mix the chocolate around to coat all of the mixture.
Allow the chocolate to cool just slightly, then top with M&Ms and sprinkles.
Leave the mix at room temperature, until chocolate is set.
Enjoy, store any leftovers in an airtight container.