Preheat oven to 350°F. Place nuts in a single layer on cookie sheet, Toast for approximately 10 minutes, until golden and fragrant. Watch carefully so that they don't burn. Check often.
While nuts toast, mix sugar, salt and cayenne in medium bowl.
In a large skillet, heat water, oil and honey over low heat. Combine. When mixture begins to bubble, add nuts and stir, coating all nuts in the liquid, until all of the liquid is absorbed.
Turn nuts into sugar and spice mixture and coat all sides.
Lay on cookie sheet, in a single layer and allow to air dry until they are not too sticky. Store in air tight jars. Freeze, if storing for more than a week.
Video
Notes
Be careful not to burn the nuts. Watch them very closely.Place warm nuts with topping in a large, covered bowl. Shake to thoroughly coat with the spices.