1.
In a small pot over medium-high heat, combine coconut milk, sugar, and salt. Bring to a boil (keeping a close eye on it, as it can quickly boil over), then immediately lower heat, keeping the sauce at a light simmer.
2.
Simmer for 30–40 minutes, stirring occasionally. As the sauce reaches the last five to eight minutes of cooking time, stir more frequently to incorporate the darker caramel bits from the bottom into the sauce.
3.
Once the sauce has turned a dark amber and has thickened to coat the back of a spoon, remove from heat and stir in coconut oil and vanilla extract. Allow to cool slightly (until you can touch it).
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