Preheat oven to 350°F and line 2 standard muffin pans with liners.
In a medium bowl, whisk together 1/4 cup milk, egg whites, egg, and extracts.
In the bowl of an electric mixer, add the flour, sugar, and baking powder. Fit the mixer with the paddle attachment and combine on low-medium speed (Setting 2 on a Kitchen Aid).
Add the butter and shortening, about 4-6 cubes at a time, scraping down the sides of the bowl as necessary. Mix until the fats are well combined with the flour.
Add the remaining milk and continue mixing to combine, scraping down the sides of the bowl as necessary.
On low (Stir on a Kitchen Aid), add the milk/egg mixture in 3 batches, scraping down the sides of the bowl between each addition.
Remove the bowl from the mixer and give the batter a big stir with a rubber spatula, reaching down to the bottom of the bowl to ensure all flour and fats have been incorporated.
Gently stir in the coconut.
Fill the muffin pans 3/4 full and bake for 16-18 minutes, until a toothpick inserted comes out clean.
Remove the pans from the oven and immediately and carefully place the cupcakes onto a wire rack to cool completely.
Fondant Ganache
Bring the water and corn syrup to a boil in a small saucepan over medium heat.
Remove from heat and whisk in extract. Whisk in the sugar in 1/2 cup increments until smooth.
Add the chocolate and gently stir until evenly combined.
Add the salt and stir to incorporate.
Caramel Frosting
In a medium saucepan over medium heat, melt the butter.
Stir in the brown sugar and cream until dissolved and bring the mixture to a boil. Allow the mixture to bubble and thicken for no more than 3 minutes.
Remove from heat and allow to cool for about 15 minutes.
With a hand mixer, mix in the powdered sugar 1 cup at a time until the desired consistency is achieved. To thin out the frosting, add heavy cream 1 tablespoon at a time.
If the frosting is too sweet, add the salt, a pinch at a time.
Toasted Coconut
Preheat the oven to 350°F.
Spread the coconut in a thin layer on a cookie sheet lined with parchment paper or silpat.
Toast in the oven for 5-7 minutes, watching closely until lightly golden brown. Toss and stir the coconut and return to the oven for 2-3 more minutes to lightly brown the second side.
Chocolate Drizzle
Add the chocolate to a small microwave-safe bowl and microwave in 10 second increments, stirring in between each increment until melted and smooth.
Assembly
Gently dip the tops of the cupcakes in the fondant ganache and allow any excess to drip off before standing right side up. Pipe a ring around the cupcake's edge with the caramel frosting using an open star tip. Sprinkle on the toasted coconut and using a small spoon, drizzle ribbons of the chocolate drizzle over the cupcakes.
Notes
If the fondant ganache hardens during, return to low heat until melted. To achieve a thinner consistency, add water 1 tablespoon at a time until desired consistency is reached.