Heat the oil in a large saucepan over a medium/high heat. To test if the oil is hot enough, just add a couple of kernels and if the spin slowly in circles, your oil is hot enough.
Add the corn kernels and cover the saucepan with a tight fitting lid (this is pretty important!). Once you hear the kernels start to pop, gently shake the saucepan as you want to move the kernels around to ensure they all cook. When the 'popping' stops, remove from the heat.
In a small saucepan, add the butter, sugar and honey and stir over a medium high heat for approximately 8 minutes until the sugar has dissolved. Let the mixture come to the boil and cook uncovered for another 5 - 8 minutes stirring occasionally until the caramel has thickened.
Add caramel and chopped nuts (I used walnuts but I thin macadamias would be even better) to popcorn and use a metal spoon to stir through caramel to coat the popcorn and nuts. Cover the bowl and set aside to cool.