Meanwhile, drain peaches well, reserving ¼ cup syrup. Cut each peach into halves or thirds, depending on size.
In a sauce pan, combine the peaches, reserved syrup, nutmeg and almond extract. Bring to a boil, and then remove from heat.
In a mixing bowl, combine 1 cup sugar, flour, milk, baking powder and salt; mix well. Pour over the butter. Don’t stir. Spoon hot peaches over the batter. Don’t stir.
Combine cinnamon with remaining sugar and sprinkle over peaches. Bake for 25 minutes.
Double the recipe for a 13x9 baking dish.