Preheat an oven to 350 degrees F (175 degrees C). Spread the almonds onto a baking sheet, and toast until the nuts start to turn golden brown and become fragrant, about 10 minutes. Watch the nuts carefully as they bake: they burn quickly.
Stir together the sugar, salt, and cayenne pepper in a mixing bowl; set aside.
Stir together the water, honey, and olive oil in a large skillet over medium heat. Once the mixture begins to bubble, stir in the toasted almonds until evenly moistened. Pour the almonds into the sugar and spice mixture, and toss until evenly coated. Spread onto baking sheets in a single layer, and cool to room temperature.