Preheat the oven to 300 degrees.
Combine the oats, chopped peanuts, ground cinnamon, salt, and nutmeg together in a bowl; mix well.
Whisk together the peanut butter, honey, melted coconut oil, and vanilla extract together until well combined and creamy.
Pour the peanut butter mixture over the oats and stir until the oat mixture is evenly coated with the peanut butter mixture. Pour onto a rimmed baking sheet.
Place into the oven and bake for 35-45 minutes, stirring every 15 minutes, until golden brown.
Remove from the oven and allow to cool completely before storing in an airtight container at room temperature for three weeks or freeze it for up to three months. Enjoy.