Mix the coconut, condensed milk, almonds and vanilla extract. Refrigerate for 10 minutes. Roll the mixture into balls and place on a parchment paper-lined dish or sheet pan; freeze for 10 minutes.
In 20 second increments, melt the chocolate in the microwave, stirring each time until smooth. Using a fork, dip each coconut ball into the chocolate, let the excess drip off and place back on the parchment paper. Refrigerate for 10 to 15 minutes for the chocolate to cool and harden before serving.