Sprinkle yeast over milk in the bowl of a mixer fitted with the dough-hook attachment. Let stand until foamy, about 5 minutes. Sprinkle 2 ounces flour (about 1/2 cup) and 1 tablespoon granulated sugar over top. Cover with plastic, and let stand for 1 hour.

Add remaining 12 ounces flour and 3 tablespoons granulated sugar, the beaten eggs, and the salt. Mix together on medium speed until dough forms a smooth, stiff ball, about 5 minutes. Add butter, 1 tablespoon at a time, mixing well after each addition.

Switch to paddle attachment, and mix dough on medium-high speed for 5 minutes. Reduce speed to low, and add chocolate, orange peel, and extracts. Mix until combined.

Turn out dough onto a clean surface, and form into a ball. Transfer to a lightly oiled bowl. Cover with plastic, and refrigerate overnight.

Bring dough to room temperature, and divide in half. Form each half into a ball; place each in a 5 1/4-by-3 3/4-inch paper panettone mold. Transfer to a baking sheet. Let stand in a warm place until doubled in volume, about 2 hours.

Preheat oven to 350 degrees. Lightly beat remaining egg and the cocoa powder together. Brush glaze mixture onto panettone dough, and sprinkle with pearl sugar and almonds. Bake until golden brown, about 50 minutes.

Remove molds from oven, and run a wooden skewer horizontally through the bottom of each panettone loaf. Hang loaves upside down by propping ends of each skewer on 2 large, heavy cans. Let cool completely.