The spin dynamics of mixed-valence YbB12 has been studied by inelastic neutron scattering on a high-quality single crystal. In the Kondo-insulating regime realized at low temperature, the spectra exhibit a spin-gap structure with two sharp, dispersive, in-gap excitations athω ≈ 14.5 and ≈ 20 meV. The lower mode is shown to be associated with short-range correlations near the antiferromagnetic wave vector q0 = ( ). Its properties are in overall agreement with those expected for a "spin exciton" branch in an indirect hybridization gap semiconductor.Heavy-fermion compounds exhibit a whole spectrum of unconventional low-temperature behaviors, basically reflecting the existence of a very small energy scale, of the order of a few tens of kelvin, in the electron subsystem [1]. This energy scale is a hallmark of strong electron correlations and, in the metallic case, is associated with the Kondo temperature below which the heavy-quasiparticle Fermi liquid forms.In insulating compounds, on the other hand -so-called "Kondo insulators" (KI) or "mixed-valence semiconductors" (MVSC), such as CeNiSn, Ce 3 Bi 4 Pt 3 , SmB 6 , YbB 12 , or UPtSn -it corresponds to the opening of a very narrow, temperaturedependent, energy gap in the electron density of states [2]. The physical origin of this insulating state is still incompletely understood. It has been argued [3] that a number of aspects can be explained in terms of a oneelectron band picture, with a "hybridization gap" forming at low temperature in the electronic density of states at the Fermi energy [4]. However, there is growing evidence that strong electron-electron correlations are central to the emergence of the gap behavior, and that their effects cannot be reduced to a mere renormalization of quasiparticle states. The spin dynamics of these systems is also peculiar: in most examples studied to date, inelastic neutron scattering (INS) spectra typically exhibit a spin-gap response (∆ s ∼ 1 − 10 meV) at low temperature, which seems directly related to the KI state and disappears rapidly when a single-site fluctuation regime is recovered by heating [2]. Information on Q dependences has remained rather scarce, and to a large extent inconclusive, either because of complex anisotropy effects as in CeNiSn, or because measurements were carried out only on polycrystal samples. YbB 12 is a promising candidate for further investigations: it is an archetype KI compound [5] with a simple NaCl-type crystal structure (interpenetrating f cc sublattices of Yb ions and B 12 cuboctahedra), and previous inelastic neutron scattering (INS) experiments on powder [6,7,8] have indicated the presence of two narrow magnetic excitations near the spingap edge. Early single-crystal measurements [9] were interpreted in terms of a single dispersive low-energy mode with high intensity along [111], but the form of the Q dependence was not clearly established. In this Letter, we report a detailed investigation of the low-energy spin dynamics in YbB 12 showing that there indeed exist two distinct excitat...