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Melt the butter and cocoa powder together in a large pan over low heat.
Add the sweetened condensed milk and mix together until fully combined.
Add the caramels and mix until melted and combined, the mixture may look slightly broken at first but it will smooth out.
Add the vanilla and marshmallows and mix until melted and combined.
Remove from heat and quickly stir in the cereal.
Using a large cookie scoop, drop scoops onto greased parchment or wax paper.
Let sit for 30 minutes to 1 hour.