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Place heavy cream, milk, malted milk powder, and the salt to a medium saucepan and set over medium heat. Allow the mixture to come to a simmer.
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Meanwhile, whisk the egg yolks in a heatproof bowl until pale in color.
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Add the chopped milk chocolate to a second heatproof bowl and set aside.
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Slowly add the warm cream mixture to the egg yolks, whisking constantly. Pour back into the saucepan and set over medium-low heat. Stir constantly until the mixture thickens enough to coat the back of a wooden spoon (about 170-175 F on an instant read thermometer).
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Pour the custard into the bowl containing the chopped chocolate and whisk until the chocolate is melted and the mixture is smooth. Strain this mixture through a fine-mesh strainer into another bowl. Cover the bowl with plastic wrap and refrigerate until thoroughly chilled (overnight is good).
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Freeze in your ice cream maker according to the manufacturer’s instructions. In the last minute of churning add the mini M&Ms, letting them distribute throughout the ice cream. Transfer the ice cream to an airtight container and freeze until firm, at least 4 hours.