Mix the condensed milk and coconut together in a bowl until it becomes a sticky mess.
Roll into balls of any size, a 2 bite size is nice. Place on a tray. It's much easier to roll the balls if your hands are slightly damp with water. When all mix is used place tray the in fridge or freezer to firm up a bit.
While the coconut balls are in the fridge, take your chocolate block and break up the squares. I generally cut the squares into halves it melts a little quicker. Place in a glass bowl. Put water in a saucepan turning the heat to about 1/2, like a bain marie. Place the bowl of chocolate over the pot of water, stirring until melted. Do not let any water touch the chocolate.
When the chocolate is just melted, stir until smooth. Pop a couple of your coconut balls in the chocolate, roll and coat, let a bit drip off and place on a tray with some baking paper. Repeat until all the balls are coated. Store in the fridge for about 5 days.
I use skim/lite condensed milk.
If the chocolate blocks come in 250gams use that, how much chocolate actually used depends on how many big or small balls you make.
1 cup is not quite the entire can (395g) so if you wish to use the whole can try adding 1/4 or 1/3 cup more coconut until you have the correct consistency (my advice is mix the milk and coconut to recipe first, feel the consistency add the remaining milk and more coconut until you get that consistency again)
Use the chocolate of your choice, white, dark or milk. Any melted chocolate left add chopped nuts, rice bubbles, dried fruit or other additives of your choice and pour into moulds, as a rocky road or make little mounds on baking paper.
You don't have to make balls you can press the coconut mix into a lined tray, cut into squares with a wet knife and dip the squares into chocolate. My choice would be not to go too big.
Roll into really small balls or pick pieces, pour a small amount of chocolate into your chocolate mould pop in the coconut mix and fill the mould with chocolate.
It all depends on how much time you wish to spend on them and how fancy you wish to make them.
As you can see in my pic I had chocolate tail issues so the balls ended up with their own chocolate stands it doesn't bother us, the moulds would take care of this or you could put them on a wire rack to drip.