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1. In a small microwave-safe dish heat 1 ounce of the candy coating, about 1/4 cup, on medium for 60 seconds until melted and smooth, stirring once. Dip one end of each lollipop stick into melted candy coating and poke sticks into doughnut holes. This helps the doughnut holes to stay on the sticks. Freeze for 30 minutes.
2. Place remaining candy coating in a small saucepan. Heat over medium-low heat until melted and smooth, stirring frequently. Dip doughnut holes, one at a time, into melted candy coating. Allow excess to drip off; sprinkle with assorted sprinkles. Let coating set before serving. Store in covered container.