Line a large sheet pan with parchment paper or foil. Set aside.
Pop the popcorn according to package directions. Remove any un-popped kernels by pouring popcorn over a wire cooling rack.
Pour M&M’s on top of popcorn.
Combine chocolate melts with oil and melt in the microwave in 15-second bursts, stirring between each burst, until completely smooth.
Pour melted chocolate over popcorn and M&M’s and stir with a spatula until well combined and coated.
Pour coated popcorn on the prepared baking sheet and spread in an even layer.
Add sprinkles on top and let set at room temperature.
Gently break into pieces and enjoy!