Combine the nuts, condensed milk, almond extract, and coconut in a large bowl. Using your fingers, press the mixture into roughly 3/4-inch balls. Place onto parchment paper-lined half sheet pans and let rest at room temperature for 4 hours or in the refrigerator for 1 hour.
After the balls have set up, melt the chocolate and shortening until smooth. Dip the balls into the chocolate to coat evenly and lightly, and return to the parchment paper-lined half sheet pan to dry.