Preheat oven to 300 degrees. Grease a cookie sheet.
Combine the sugar,butter,corn syrup cinnamon and nutmeg in a large bowl. Add the peanuts to the bowl, toss to combine. Bake at 300 degrees for about 20 minutes until bubbly and golden brown, stirring nuts halfway through baking time.
Place the baking sheet on a wire rack to cool completely. Use a spatula to release the nuts from the pan, store in an air tight container.