Start by lining a large baking sheet with parchment paper. Measure out all your ingredients to have them ready for assembly.
Place the chocolate chips in a microwave-safe bowl. Microwave in 30-second increments, stirring in between, until smooth and fully melted. Alternatively, use a double boiler on the stove to melt the chocolate gently.
Once the chocolate is melted, stir in the 3/4 teaspoon of coconut extract until fully combined.
Pour the 9 cups of Rice Chex cereal and 1 1/2 cups shredded sweetened coconut into a large mixing bowl. Gently toss them to combine evenly.
Pour the melted chocolate mixture over the cereal and coconut mixture. Using a spatula or wooden spoon, toss gently but thoroughly to coat everything with chocolate.
Transfer the chocolate-coated mix onto the prepared baking sheet, spreading it out evenly. Allow it to cool at room temperature until the chocolate hardens, about 20-30 minutes. You can speed this up by refrigerating for 10-15 minutes.
Once set, lightly sift 1/3 cup powdered sugar over the top. Toss gently to coat the pieces with a delicate sugary dusting.
Serve immediately or store in an airtight container to keep fresh.