Preheat oven to 300 degrees F. Line a rimmed baking sheet with parchment paper.
Place the peanuts in a large bowl.
Microwave the honey in a medium bowl for 30 seconds (it will begin to bubble). Remove from the microwave and stir in ¼ cup of the sugar, the salt and cayenne pepper. Immediately pour the mixture over the peanuts and stir with a wooden spoon until they are all coated with the honey mixture.
Transfer the peanuts to the prepared baking sheet and spread into a single layer. Bake for 20 to 30 minutes, stirring every 5 minutes, until they begin to turn a golden brown.
Remove from the oven and allow to sit for 2 minutes, then stir the peanuts. Sprinkle 2 tablespoons of the sugar over the peanut and stir to coat evenly. Spread the peanuts out into a single layer and sprinkle with the remaining 2 tablespoons of sugar and allow to cool completely. Once cool, break apart any peanuts that have stuck together and toss with any loose sugar. Store in an airtight container at room temperature for up to 2 months.