Preheat the oven to 325 degrees. Prepare two rimmed baking sheets with parchment paper.
Spread the cashews on the prepared baking sheet.
Place in the oven for 20 minutes, stirring once, or until the cashews are golden brown
Remove from the oven and cool completely. Coarsely chop the cashews.
Next spread the coconut into an even layer on a baking sheet and bake for 10 minutes, stirring once. Remove from the oven and cool completely.
Remove from the oven and cool completely.
In a microwave safe bowl, pour the semi-sweet chocolate chips and heat for 1 minute. Stir vigorously using the residual heat to continue melting.
Return to the microwave and heat in 30 second increments, stirring very well between each heating until melted. Do not overheat.
In a large bowl, mix the cashews, coconut, and cereal (if using.)
Pour the melted chocolate over the coconut mixture and mix until completely combined.
Using a medium scoop, portion the clusters and place on waxed paper in mounds.
Rest at room temperature until the chocolate has completely set.