Spread the almonds into a single layer on a baking tray, and bake for 5-8 minutes or until lightly toasted. Allow to cool and then roughly chop them.
Line an 8" square cake pan with baking paper, leaving some overhanging each edge. Trim two pieces of wafer paper to fit the pan. Place one inside (I placed the printed sheet of paper in, face down) and set the other piece aside.
Place the egg whites into the clean, grease-free bowl of a stand mixer fitted with the whisk attachment. Combine the caster sugar, corn syrup, honey and water in a medium saucepan. Stir over a medium heat without boiling until most of the sugar has dissolved. Use a pastry brush dipped in water to wash away any sugar crystals on the sides of the pan, then increase the heat and boil, without stirring, until the syrup reaches 150°C.
Meanwhile, when the syrup is at about 140°C (284°F), start whisking the egg whites on medium-high speed. You're aiming to have the egg whites at stiff-peak stage by the time the syrup reaches 150°C (302°F).
Once the syrup is ready, and with the mixer still running on medium speed, pour the syrup in a thin stream into the egg whites. Continue whipping for a further 2-3 minutes, until the mixture is thick, stiff and shiny.
While it's beating, spray a couple of silicone spatulas with oil (or rub them with a paper towel dipped in oil).
Working quickly, use one of the oiled spatulas to stir the almonds into the egg white mixture. Scrape the mixture into the prepared cake pan, pressing into an even layer. Place the second sheet of wafer paper on top. Leave the nougat at room temperature for several hours to set.
Lift the nougat from the pan, and use an oiled knife to cut it into pieces. I find it easiest to score through the wafer paper with a serrated knife, and then use a large chef's knife to cut down through the nougat. I cut mine into 1" x 2" pieces.
Store the nougat in an airtight container, with baking paper between each layer to stop it from sticking. Nougat will keep for 1-2 weeks at cool room temperature. If it's very humid where you live, then it's best to make the nougat as close to serving as possible.
Notes
Mix-ins: You can replace the almonds with any mix-in of your choice - pretty much any nuts and fruits make great nougat flavourings.Wafer paper: Edible wafer paper with Christmas/Holiday-themed prints is available from cake decorating suppliers. I bought mine from Kiwicakes.Equipment notes: You need two important pieces of equipment for this recipe: a candy thermometer and a stand mixer. I wouldn't suggest making this recipe with a hand-held mixer, the nougat mixture gets very stiff and it could break the mixer!