Combine almonds and olive oil in a bowl; toss to coat. Spread almonds in a single layer on a baking sheet.
Bake in preheated oven until toasted, about 15 minutes. Allow almonds to cool slightly.
While almonds are baking, mix sugar, cinnamon, paprika, and cayenne pepper in a small bowl. Sprinkle spice mixture over almonds and toss again. Spread almonds in a single layer and continue to bake until spices are fragrant, 5 to 10 minutes. Cool before serving.