Start by preheating your oven to 350°F (175°C). Grease your cake pan and dust it lightly with flour so the cake won’t stick.
In a large mixing bowl, beat the softened butter and sugar together until the mixture is light and fluffy. Once that’s ready, add the eggs one at a time, making sure each one is fully mixed in before adding the next.
In another bowl, sift together the flour, baking powder, salt, and freshly grated nutmeg. Gradually fold these dry ingredients into the butter and egg mixture, mixing slowly so you don’t overwork the batter.
Next, stir in the vanilla extract, almond extract if you’re using it, dark rum, evaporated milk, and vegetable oil. Mix until the batter is smooth and even.
Pour the batter into your prepared cake pan, spreading it evenly with a spatula. Place it in the oven and bake for about 60–75 minutes. The cake is done when a toothpick inserted into the center comes out clean.
While the cake is baking, make the rum glaze. In a small saucepan over low heat, melt the butter. Add the dark rum and brown sugar, stirring until everything is combined, then remove from heat.
When the cake comes out of the oven, let it cool for about 10 minutes in the pan. While it’s still warm, poke small holes all over the top using a skewer or fork. Slowly pour the rum glaze over the cake, letting it soak in.
Finally, let the cake cool completely before slicing. Once cooled, cut into pieces and enjoy!