In a blender, combine the vanilla ice cream, malted milk powder, cocoa powder, 2 pinches espresso powder, whole milk and chocolate syrup. Blend until thick and smooth, about 15 to 20 seconds.
Drizzle chocolate syrup on the inside of 3 fountain shoppe glasses. Divide the malt between the glasses and top each with whipped cream, malted milk balls and a maraschino cherry. Enjoy immediately!