Chop most of the almonds. Melt a knob of butter in a pan with a tbsp of olive oil, slightly fry the shallot then add the rice. Add the wine and let it evaporate on a very high heat. Turn the heat down then add the juice of one of the oranges. Cook for a few minutes and then add the vegetable stock, one ladle at a time. When almost cooked, add the grated peel of the oranges and the juice of the second one.
Remove from the heat; add the chopped almonds, some fresh thyme, the grated cheese and the remaining butter. Stir well and let the butter and the cheese melt together. Decorate with the remaining almonds and some more thyme.