Probably not. This is one of many areas that haven't been clearly addressed yet in rules and regulations related to the new QBI deduction. Most tax experts have come to the conclusion that only a working interest in resource extraction would be considered trade or business income eligible for deduction. If it's merely a passive investment, such royalties are probably not going to be considered a trade or business by the IRS.
Extensive background here:
https://www.picpa.org/articles/picpa-news/2018/11/29/pa-cpa-journal-tcja-mining-the-tax-benefits-for...
(This is not an authoritative source and no conclusions are guaranteed accurate. Just provided for background info.)