Spread the almonds on a baking sheet lined with parchment paper.
Toast the almonds until golden brown and fragrant (about 10 minutes), careful not to let them burn.
Stir together the sugar, salt, and cayenne pepper in a large bowl.
Stir together the water, honey, and oil over medium heat until just starting to bubble.
Stir the almonds into the pan and until evenly coated.
Immediately pour the almonds into the sugar and spice mixture, tossing to coat completely.
Spread the almonds back onto the baking sheet and allow to cool.
Notes
I used half salted almonds half unsalted because it's what I had on hand (so I also scaled back 1/2 tsp of the salt). Feel free to use either, and adjust the salt accordingly.