In a medium saucepan over medium heat, melt the butter with the honey and 1/2 teaspoon of the kosher salt until the mixture is bubbly.
Spread the coated peanuts in a single layer on the prepared baking sheet. Roast in the oven for 20 minutes, stirring every 5 minutes to ensure even browning.
In a small bowl, mix the white sugar, remaining salt, and chili powder. After roasting, transfer the peanuts to a large bowl and toss them gradually with the sugar mixture.