Place the peanuts in the bottom of a greased crockpot. Add the candy coating.
Cover and cook on low for one hour.
After one hour has passed, remove the lid and stir. Replace the lid and cook in 15 minute increments, stirring after each 15 minutes until candy is completely melted.
Once the candy is melted, stir in the m&ms, reserving about 1/2 cup for the topping.
Drop onto parchment paper lined cookie sheets. Add remaining m&ms and sprinkles (if using.)
Allow to cool completely.
Enjoy1