Preheat oven to 180c. Spray baking trays with canola oil.
Combine the cereal, sultanas, almond and cherries in a large glass bowl.
Combine the condensed milk, margarine and honey in a small heavy based saucepan and stir over low heat until well combined.
Drop heaped tablespoons of mixture about 3 cm apart onto oven trays and press down slightly.
Bake in oven for 6-10 minutes or until golden. Remove from oven. Cool on trays. Spread base of biscuits with melted chocolate. Use a fork to make a swirl pattern in chocolate. Set aside, chocolate-side up, to set.