An assembly for mixing and dispensing a multi-component fluid includes a sheath having first and second fluid chambers, a chamber coupler, and a flexible tip. The chamber coupler forms first and second fluid channels. Additionally, the flexible tip forms a mixing chamber with a variable mixing volume and an outlet. The flexible tip is coupled to the chamber coupler near a distal end of the sheath. In the presence of an activation force, the flexible tip is forced out of the sheath and positioned in a dispensing state with a maximum mixing volume. In the absence of the activation force, the flexible tip is housed within the sheath and positioned in a non-dispensing state with a minimum mixing volume such that the outlet is substantially closed.