Biodegradable magnesium implants show great promise in improving quality of healthcare and reduction of costs by removing the necessity of a second surgery. In this work we study novel Mg-Y-Nd-Ag-based materials (total solute content less than 7 wt.%) envisaged for biodegradable implants. Studied alloys were subjected to isochronal annealing in as cast condition and also after homogenization annealing. Physical properties and precipitation processes in these alloys were investigated by optical microscopy, transmission and scanning electron microscopy, differential scanning calorimetry, electrical resistometry and by microhardness measurements. Our results were compared to the precipitation processes identified in the WE43 alloy.