Preheat oven to 350°F. Butter a 9x13 baking dish (or 2-8x8 baking dishes). Set aside.
Place butter in a medium size microwave safe mixing bowl. Heat butter in microwave until melted. Add 1 cup sugar, flour, baking powder, salt and whisk to combine. Add milk and vanilla, whisk until combined. Pour batter into prepared baking dish.
Spoon peaches over top of batter, placing them even around the pan. Reserve the juice from the can.
Add 1/2 cup sugar, cinnamon and nutmeg to the juice. Whisk to combine. Pour juice over peaches.
Bake 55-60 minutes until golden brown. Serve with a scoop of ice cream on top if desired.