How do I go about asking for a raise?

I work as a development engineer role 2 and I am looking to move into role 3 in the next few years. In the companies job description I fit everything that the role 3 states and I am right in the middle for recommended years of experience. I was told in order to move to role 3 I would need to become a technical lead on a project to move up. My project started in Q1 2024 and just got canceled due to unpredicted circumstances.

The tough part here is I was told I was at the top of the pay band for my role. Well last week I got my friend a job at the company as a role 2 (we have the same amount of years of work experience just different skill sets). He told me he is making 10% more than my salary which is fine for me, I am super happy for him as we are great friends. I'm just curious for people in similar situations how I go about asking for a raise and then also asking for the promotion? I'm worried the promotion won't even be more than a 10% salary increase. I've been working for the company for 5 years and they love me yet I feel like they don't value me in terms of salary. My boss even mentioned standardizing salary ranges for all roles so how do I go about asking for an increase? amongst all role 2s I am at the top

I was thinking of asking for a raise during my mid year review in a few weeks, stating that I feel my skills push me into that pay range and that is what I feel I am worth. Then at the end of the year asking for the role 3 promotion. What do you think?