Start by heating the coconut oil in a large pot over medium heat. Add the corn kernels and cover the pot. Shake the pot occasionally to ensure even popping. Once the popping slows down, remove from heat and transfer the popcorn to a large bowl.
In a small bowl, combine the ground cumin, ground cinnamon, paprika, and salt. Set aside.
In the same pot, melt the butter over medium heat. Once melted, stir in the granulated sugar, golden syrup, and vanilla extract. Allow the mixture to come to a gentle boil without stirring for about 4–5 minutes. Remove from heat and carefully mix in the bicarbonate of soda and the spice blend. The mixture will bubble up, so be cautious!
Pour the hot caramel over the popped corn, using a spatula to gently fold the popcorn until it’s evenly coated.
Once the popcorn is well coated in caramel, add the peanut M&Ms and gently mix them in, ensuring they are evenly distributed throughout the popcorn.
Preheat your oven to 120°C (250°F). Spread the caramel popcorn mixture on a large baking sheet lined with parchment paper. Bake for 30 minutes, stirring every 10 minutes to ensure even baking. This helps to set the caramel and makes the popcorn extra crunchy.
Once baked, remove the popcorn from the oven and let it cool completely on the baking sheet. Break apart any large clumps, and it’s ready to serve!