Ann: Pilbara Minerals Reaches Agreement with Mineral Resources,MIN-PLS.AX, page-199

You clearly don't know how to do an NPV calc. At a spod price of $600 USD the royalty over 35 years (current LOM at 2Mtpa) is worth an NPV of 60.7m AUD (0.75 fx rate). That is using a 10% discount rate, which is way above return hurdles that should be being used in the current world where the risk free rate of return is less than 2%.

Now let's shift this into some other scenarios, spod price is $700 USD for the first 5 years (not going too crazy on duration of elevated prices), the royalty has an NPV of $64.7m

How about elevated prices plus 4Mtpa from year 3 and shortened LOM - NPV of royalty becomes $99.5m

Throw in to that the other positive externalities and there are definite benefits to the deal.