In a medium saucepan over low heat combine peaches, cornstarch, water, lemon zest, lemon juice, and ½ cup sugar in a medium saucepan. Raise the heat to medium and cook until thick and bubbly, stirring often.
Add the flour, cinnamon, nutmeg, and baking powder to a sieve and sift into a large bowl.
In a small bowl, combine sugar, milk, vanilla extract, almond extract, and 1 tablespoon of melted butter and stir to combine.
Pour the wet ingredients into the dry and mix well.
Grease a 12x8 inch (30x20 cm) (4.8 quart) baking dish with the remaining butter.
Pour the batter into the bottom of the greased baking dish and smooth into an even layer with a spatula.
Transfer the peaches gently by placing them on top of the batter. Do not stir.
Bake for 50 minutes to 1 hour or until golden brown.