Combine coconut, powdered sugar and chopped pecans in a large bowl. Pour in sweetened condensed milk, butter and vanilla. Mix well, using your hands if that's easier, until all the ingredients are well combined.
Cover bowl and set in the fridge for at least a couple hours, or even overnight if that's more convenient.
Take chilled mixture and form 1" balls. Set on a cookie sheet lined with parchment paper. Freeze candy for at least 10-15 minutes.
Melt chocolate and coconut oil in the microwave for about 1 minute. Gently stir and add additional time in 15 second increments, until it's smooth.
Dip candies in chocolate and return to parchment lined pan. Top with sprinkles, if desired.