Preheat the oven to 350°F. Grease a doughnut pan lightly and set aside.
Combine the flour, baking powder, baking soda, salt, and sugar in a medium bowl and set aside.
Next, heat the butter in a small saucepan over medium-low heat. The butter will melt down and then begin to brown. Watch it carefully as it browns. Once it smells nutty, remove from heat and transfer to a small bowl.
In another bowl, whisk the egg, buttermilk, and vanilla. Add only 2 tbsp of the browned butter to the mixture and whisk again.
Pour the wet mixture into the dry ingredients bowl and stir together. Be careful not to over mix because it could ruin your donuts.
Drop the batter into the prepared donut pan and smooth out the batter in each. The batter should fill 3/4 of each vessel.
Bake for 8 to 10 minutes or until a toothpick comes out clean. Remove from oven and let cool.
While the donuts are cooling, begin to make the chocolate glaze. Melt the chocolate chips and butter in a microwave safe bowl in 30 second increments stirring in between until the chocolate has completely melted.
Add the light corn syrup (or honey), the vanilla and the malted milk powder to the melted chocolate and stir until combined. The mixture should look glossy, which is what you want here.
Dunk the cooled donuts into the chocolate glaze or frost them with a spoon so the entire surface is covered.
Combine the powdered sugar, malted milk powder, and the softened butter in a small bowl. Once combined, add 1 tbsp of milk at a time until the mixture has reached a glaze-like texture.
Using a spoon or an icing bag, drizzle the salted malted glaze over the top of the chocolate frosted donuts. Garnish with sprinkles, nuts, and chocolate chips if desired.
Serving Size 1 doughnut