Each of the flags contain a color, symbol, and a Tibetan proverb. The proverb is translated into the language that appears on the traditional flags, Nepali. They are not the traditional prayer flags that surround the nearby village or the base camp, but are ones that I think correspond really well with the mountain itself and each of the people that decide to make the vigorous ascent.
The white in the second flag represents air and/or clouds. The symbol is a Dharma Wheel and it means spiritual and universal law.
The yellow in the first one represents the Earth. The symbol is called the Endless Knot and it means meditative mind and knowledge.
The blue in the last flag represents sky and/or space. The symbol is the victory banner and it represents the victory of wisdom over ignorance and overcoming obstacles.