Mix together the spermaceti, almond oil, and white wax in another container.
Heat the oil-beeswax mixture in a water bath over medium heat until the beeswax is melted, stirring occasionally.
Heat the borax-water mixture almost to a boil.
Slowly add the borax-water mixture to the oil beaker, stirring briskly. Note: The mixture will become white and fluffy but will be a bit runny until it has cooled completely.