Preheat your oven to 250°F. Line a large baking sheet with parchment paper.
In a large bowl, combine the Rice Chex, Corn Chex, pretzel sticks, M&M's, and peanuts. Mix well.
In a small saucepan over low heat, melt the butter. Once melted, stir in the vanilla extract and salt.
Pour the melted butter mixture over the cereal mixture and stir until everything is evenly coated.
Spread the mixture evenly on the prepared baking sheet.
Bake in the preheated oven for 30 minutes, stirring every 10 minutes to ensure even toasting.
Remove from the oven and let cool completely. Once cooled, stir in the white chocolate chips.
Store in an airtight container until ready to serve.