Heat the oven to 180C/350F. Spread all 300 g almonds on a 33 x 46 cm / 13 x 18-inch sheet pan and toast for 8 to 10 minutes, until fragrant and lightly colored. Let cool completely.

Roughly chop 250 g of the cooled almonds and set the remaining 50 g whole almonds aside for topping.

In a large mixing bowl, whisk the flour, sugar, cinnamon, cloves, and pepper. Stir in the orange zest, chopped almonds, candied orange peel, and candied citron.

Warm the honey and water in a small 16 cm / 6-inch saucepan over low heat for about 2 minutes, just until the honey loosens. Remove from the heat and stir in the ammonium bicarbonate until fully dissolved.

Pour the warm honey mixture into the dry ingredients. Mix with a wooden spoon, then knead by hand in the bowl for 3 to 4 minutes, until you have a dense, slightly sticky dough that holds together.

Reduce the oven to 170C/340F. Line the sheet pan with parchment. Divide the dough into 22 pieces of about 45 g each.

Roll each piece into a rope about 15 cm / 6 inches long and join the ends to form a ring, pressing firmly to seal the seam.

Arrange the rings on the pan, spaced 2.5 cm / 1 inch apart. Press 2 to 3 of the reserved whole almonds onto the top of each ring, then brush each one with the beaten egg.

Bake for 22 to 25 minutes, until pale gold and firm when pressed. The centers will still feel slightly soft straight out of the oven, don't chase extra hardness with more time or the bottoms will scorch before the middle sets.

Cool the rings completely on a wire rack, about 30 minutes. They firm up fully as they cool, then transfer to an airtight tin.