In a medium saucepan over low heat, melt the butter, white chocolate, almond extract and vanilla extract, stirring constantly until completely melted. Remove from heat.
Immediately pour melted mixture over cereal and stir gently to coat.
Pour cereal into a large zip-top bag or large container with a tight-fitting lid and add the sprinkles. Shake until all of the sprinkles are dispersed evenly.
Add the powdered sugar and shake again until everything is coated. Spread onto baking sheet lined with foil or parchment and allow to cool. Discard excess powder. Store in an airtight container at room temperature up to one week.
*It is important to add extract at the beginning of the melting process. Adding it later will cause the mixture to seize up, and you will be unable to use it.I cannot stress enough that you should not use white chocolate chips for this recipe. Chocolate chips contain stabilizers that help them keep their shape, so melting them smoothly can be tricky. Because you're introducing moisture (the extract and the butter) to your melting material, it is already going to be a little less smooth than if you left those things out to begin with.