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Melt butter and bittersweet baking chocolate (or semisweet chocolate chips) together in a small or medium saucepan over medium low heat, stirring frequently.
Once the chocolate and butter have melted, slowly whisk in the evaporated milk (or half and half if that's what you're using) until combined.
Whisk in the granulated sugar, unsweetened cocoa powder, and salt until combined.
Keep over medium low heat, whisking frequently, about 5 to 6 minutes until mixture comes just to a boil. Reduce heat and simmer for another 2 to 3 minutes, stirring continuously.
Remove from heat and stir in vanilla extract.
Serve hot fudge sauce warm over ice cream or allow to cool, transfer to a heat safe jar or container and store in the fridge for up to 3 weeks.