In a bowl of a stand mixer, add in the heavy cream and vanilla extract. Turn on the mixer and whip until almost stiff peaks.

Pour the condensed milk into a separate medium bowl.

Place 2 scoops of the whipped cream into the condensed milk and fold to lighten the mixture.

Pour the lightened condensed milk mixture back into the remaining whipped cream and gently fold to incorporate.

Pour about ½ of the mixture into a container lined with parchment paper.

Repeat with the remaining whipped cream, hot fudge and peanuts.

Cover and place into the freezer to chill for at least 4-6 hours.

In a small saucepan, add all of the ingredients and bring to a simmer over low-medium heat. Whisk consistently for approximately 5 minutes, until thickened. Remove from heat and allow to cool before using.

May be stored in the fridge for up to 1 month. To use from fridge, gently reheat in the microwave for 20 seconds.

Line a baking sheet with parchment paper.

Place the chopped chocolate into a microwave safe bowl and heat in a microwave in 20-30 second increments until melted. Repeat until all the chocolate is completely melted and glossy.

Add the peanuts into the chocolate and fold with a silicone spatula. Be sure to coat each peanut with chocolate.

Pour the peanut-chocolate mixture onto the lined baking sheet and spread out evenly in a layer.

Place the tray into the freezer for 15-20 minutes, until the chocolate has hardened. Remove and break the chocolate into pieces.

Store the chocolate covered peanuts in the refrigerator until ready to use.