Move an oven rack to the center position and preheat the oven to 350°F (175°C). Lightly grease two 24-cup mini muffin pans with nonstick spray, or line them with mini cupcake liners.
Sift the flour, sugar, and salt together into a large mixing bowl. Add the mini marshmallows and toss them with a spatula until they are coated in the flour mixture.
Place the butter, vegetable oil, cocoa powder, and Coca-Cola in a medium saucepan over medium heat. Whisk until the butter melts and the cocoa dissolves, bring to a gentle boil, then remove from the heat right away.
Carefully pour the hot chocolate mixture over the flour, sugar, and marshmallows. Whisk until the batter is smooth and no dry flour remains.
In a small bowl, whisk together the buttermilk, egg, baking soda, and vanilla extract. Pour into the chocolate batter right away and whisk gently until just combined with no streaks.
Use a small cookie scoop or a tablespoon to portion the batter into the prepared cups, filling each about three-quarters full. Try to get a few marshmallows into each cup and wipe any drips off the pan rim.
Bake in the center of the oven for 12 to 14 minutes, until the tops spring back lightly and a toothpick inserted in the center comes out with a few moist crumbs. Start the frosting in the last 4 to 5 minutes of baking.
Place the powdered sugar in a medium heatproof bowl. In a small saucepan, heat the butter, cocoa powder, and Coca-Cola over medium heat until melted and boiling, then pour over the powdered sugar and whisk until smooth. Stir in the vanilla and chopped pecans.
Let the mini cakes cool in the pan for about 2 minutes, then spoon about 2 teaspoons of warm frosting over each cake and let it drip naturally down the sides. Work quickly, as the frosting thickens as it cools.
Let the frosted cakes rest in the pan for 10 minutes so the frosting can set into a soft fudge layer. Loosen each cake with a small offset spatula or butter knife, then transfer to a wire cooling rack. Bake and frost the second batch the same way.