Combine 2 cups of shredded coconut, 1 cup of sweetened condensed milk, and 1 teaspoon of vanilla extract in a large mixing bowl. Stir until well incorporated, forming a sticky mixture.

Cover the bowl and refrigerate for 20-30 minutes to firm up the mixture.

Scoop out portions of the chilled mixture and roll them into balls about 1 inch in diameter. Place on a parchment-lined tray.

Freeze the balls for 15-20 minutes until firm.

In a microwave-safe bowl, combine 1.5 cups of semi-sweet chocolate chips and 1 tablespoon of coconut oil. Microwave in 30-second intervals until smooth.

Dip each coconut ball into the melted chocolate, ensuring they are fully coated. Place back on the parchment-lined tray.

Let the coated balls sit at room temperature for 15 minutes to set, or refrigerate for 10-15 minutes for quicker setting.

Sprinkle optional toppings like shredded coconut or crushed nuts on top before the coating fully sets.

Serve immediately or store in an airtight container. They can be refrigerated for up to a week or frozen for longer storage.