Preheat your oven to 350°F and grab a 9-inch round cake pan. Melt the 1/2 cup butter in a small saucepan over medium heat, then stir in the brown sugar and honey. Pour that mixture into the bottom of your pan and arrange those 8 peach slices on top in a nice circle pattern. Sprinkle the almonds in the spaces between peaches — they'll toast up beautifully while everything bakes.
In a large mixing bowl, whisk together 2 cups flour, 1 cup granulated sugar, 1 teaspoon baking powder, 1 teaspoon cinnamon, and 1/4 teaspoon salt. Make a well in the center of your dry ingredients and crack in both eggs. Pour in the 1/2 cup milk slowly while stirring. Beat everything until you've got a smooth batter with no lumps hanging around.
Carefully pour that batter over the peaches and butter mixture in your pan. The peaches will shift a little and that's totally fine — they'll settle back into place as everything bakes. Use a spatula to smooth the top, but don't overthink it since you're flipping this cake anyway.
Slide the pan into your preheated 350°F oven and bake for 40-45 minutes until a toothpick inserted in the center comes out clean. The top should be golden brown and you'll actually see the edges pulling away from the sides of the pan slightly. Don't open the oven door constantly or you'll mess with the baking — just trust the process.
Once it's done, pull the cake from the oven and let it cool in the pan for exactly 5 minutes. This is the perfect amount of time for the caramelized peaches to set slightly without cooling all the way. If you wait too long, the cake sticks to the pan, but if you flip it too early, everything slides around.
Here's where the magic happens: run a thin knife around the edges of the pan to loosen everything up, then place a serving plate on top of the cake pan. Take a deep breath, then flip the whole thing over in one confident motion. I accidentally hesitated on my first cake and totally second-guessed myself, so just commit to it.
Let it sit for about 30 seconds before carefully lifting the cake pan away. Those beautiful caramelized peaches will be facing up, looking absolutely stunning. If a few peaches stick to the pan, just pop them back on top — nobody will know the difference and it still looks rustic and gorgeous.