In a medium bowl, mix together the shredded coconut and sweetened condensed milk until well combined and the mixture holds together when pressed.
Form the mixture into 16 small balls, pressing one almond into the center of each ball, then place on a parchment-lined baking sheet.
Refrigerate the coconut balls for at least 30 minutes until firm.
In a microwave-safe bowl, combine chocolate chips and coconut oil, then microwave in 30-second intervals, stirring between each, until completely melted and smooth.
Dip each chilled coconut ball into the melted chocolate, coating completely, then return to the parchment-lined sheet.
Refrigerate for another 15-20 minutes until the chocolate is set, then store in an airtight container in the refrigerator for up to one week.