01 - Preheat oven to 325°F. Line a large baking sheet with parchment paper.
02 - In a large mixing bowl, combine cornflakes, pretzels, and salted peanuts. Set aside.
03 - Melt unsalted butter in a small saucepan over medium heat. Stir in brown sugar, corn syrup, and salt. Bring to a simmer and cook for 3 to 4 minutes, stirring constantly until smooth and slightly thickened.
04 - Remove the caramel sauce from heat and stir in vanilla extract.
05 - Pour the caramel sauce over the cereal mixture and gently toss until evenly coated.
06 - Spread the coated mixture evenly on the prepared baking sheet. Bake for 12 to 15 minutes, stirring once halfway through until golden and crisp.
07 - Remove from oven and allow to cool completely. While still warm, sprinkle with chocolate chips and/or shredded coconut if desired.
08 - Once cooled, break into clusters. Store in an airtight container.